There is no doubt about the sheer size and volume of the online lottery industry now. With every other venture shifting online over the last decade, it was expected that the online industry would follow suit.
Take a look at the massive spending in the UK when it comes to gambling. The online lottery industry is a pretty big part of the same macrocosm. But is there more to it? Have a glance at the behind-the-scenes element of it.
The market overview—What does the market look like now?
With the entire pandemic scenario that we have (hopefully) left behind, there were two major trends that surfaced. First, a small downward shift in terms of generated revenue. Second, a slow but steady rise of the same. Pretty atypical, right?
If you see the numbers clearly, you’ll see how the market has shifted upwards—more so because the entire shift to work-from-home has given something very precious in the hands of the people—time. Expected to reach highs of over 14.5billion USD by 2026, the online lottery market will only go uphill from here on.
America has a lot to contribute here. Estimated to generate more than the already-expansive 2.3 billion USD (2021), the US of A is a big player here. This is owed to the fact that lotteries aren’t really chance-based, but more sport-based too. The NBA, the NFL, the MLS—you name it—and there is a lottery event associated with it. s
In fact, the European Market looks just as spicy. One glance at the figures and its geographical distribution and you’ll see for yourself. Northern and Western Europe is just way too extravagant when it comes to these online lotteries.
Don’t trust us? Take Camelot United Kingdom Lotteries Limited and their announcement of the National Lottery sales of EUR 8373.9 million for the financial year 2020-21 and see for yourself. Where the Americans rely on sport-based lotteries, the Europeans seem to be greatly attracted to scratch-and-draw based ones.
What has propelled the online lottery industry further?
You have seen the numbers, but do you know the reasons? Here is why the online lottery industry has propelled to newer heights.
Easier internet access
This one is a no-brainer. The fact that the internet has become so cheap and accessible is why online lotteries are a thing now. Companies are aiming left and right to get faster and industry-leading internet speeds. Sounds like a win-win proposition to the bettor.
This helps a lot more with those limited-time-period lotteries. For instance, there might be a lottery based on who wins the Steph Curry winning ball. This not only makes bettors want quicker internet, but adds more bettors to the network altogether—thereby aiding revenue.
Along with quicker internet speeds, you can place online bets from any nook and corner of the work. Want to play the lottery while you are heading for work? No problem. Planning to take one last chance from the corner of your basement? You most definitely can.
With betting platforms increasing in number, it is making on-the-go lotteries a lot more feasible now. That in turn generates a great deal of revenue—explains why the online betting industry is propelling at such speeds.
Despite being online ventures, the payments and gateways are secure. There is a healthy level of encryption and security measures taken by the providers themselves. Besides, there are screening measures taken by the respective governments in order to prevent forgery or other sinister means. As long as you aren’t visiting shady websites, you are good to go.
Online lotteries are a pretty good way to form your little social media bubbles and circles, and vice-versa. Social media has made it very easy for folks to connect with like-minded people. In this case, there is a great chance that your buddy Roger informed you about the year-end lottery. See where this is going?
The greater number of choices
Coming to the most important factor—the sheer number of choices. As a bettor, you will practically be spoiled to the core. The credits go to the big players who are ever-so rapidly increasing in number.
Among the said providers, here are our top picks:
- Camelot Group
- Lotto Agent
- Play UK Internet
There are few reasons why these providers are considered the crème de la crème of their niches. The diversified games, the ease of payments, the sheer sense of “community” that these companies provide—all result in a hearty experience.
Final Words—What Does the Future of Online Lottery Hold?
With massive advancements in tech, you can expect the same to reflect on online lottery too. Virtual reality? Or perhaps, lotteries happening across the Metaverse? We can expect the industry to churn better numbers, and at the same time, become more futuristic!